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Adam S. Wilde, CFA

Portfolio Manager

B.A. from University of Northern Iowa

M.B.A. from University of Colorado

Adam S. Wilde, CFA is a portfolio manager of Oppenheimer Government Cash Reserves, Oppenheimer Government Money Market Fund, Oppenheimer Institutional Government Money Market Fund and Oppenheimer Ultra-Short Duration Fund. Previously, Mr. Wilde served as a senior analyst on the Cash Strategies Team and was head of the credit team.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows: For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class R are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25% for Class R shares. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Class Y shares are not subject to a sales charge.

On 2/22/2008 and 3/31/2008 for RWL, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates. On 9/30/2008, the last trade price for RWL was used to calculate market return because an uncorrected, failed trade resulted in an incorrect 4:00pm EST midpoint bid/ask price on that date. On 2/22/2008 and 3/31/2008 for RWJ, the last trade price was used to calculate market return because 4:00pm EST midpoint bid/ask prices are not available on those dates.

The NAV return is based on the net asset value of the Fund and the market return (MKT) is based on the market price per share of the Fund. The price used to calculate MKT is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of the Fund are listed for trading when the Fund's NAV is calculated at market close. MKT and NAV assume dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. Returns less than one year are cumulative.

1. In connection with new rules governing money market funds that will be fully implemented in October 2016, effective September 28, 2016, Oppenheimer Money Market Fund changed its name to Oppenheimer Government Money Market Fund, and made changes to its investment strategies that will enable it to operate as a government money market fund. See the Fund's prospectus for more information.

2. In connection with new rules governing money market funds that will be fully implemented in October 2016, effective September 28, 2016, Oppenheimer Institutional Money Market Fund changed its name to Oppenheimer Institutional Government Money Market Fund, and made changes to its investment strategies that will enable it to operate as a government money market fund. See the Fund's prospectus for more information.

3. In connection with new rules governing money market funds that will be fully implemented in October 2016, effective September 28, 2016, Oppenheimer Cash Reserves changed its name to Oppenheimer Government Cash Reserves, and made changes to its investment strategies that will enable it to operate as a government money market fund. See the Fund's prospectus for more information.

4. Effective 4/30/13, the Fund's investment objective changed from: "seeks maximum current income from investments in "money market" securities consistent with low capital risk and the maintenance of liquidity. The Fund is a money market fund" to "seeks income consistent with stability of principal."

5. In connection with new rules governing money market funds that will be fully implemented in October 2016, effective April 29, 2016, Oppenheimer Money Fund/VA changed its name to Oppenheimer Government Money Fund/VA, and made changes to its investment strategies that will enable it to operate as a government money market fund. See the Fund's prospectus for more information.

A. Returns are preliminary and subject to change until the first business day of the month.↩

This material is provided for general and educational purposes only, is not intended to provide legal or tax advice, and is not for use to avoid penalties that may be imposed under U.S. federal tax laws. OppenheimerFunds is not undertaking to provide impartial investment advice or to provide advice in a fiduciary capacity. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.

Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

Investing involves risks including possible loss of principal.

Before investing in any of the Oppenheimer funds, investors should carefully consider a fund's
investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses
contain this and other information about the funds, and may be obtained by asking your financial
advisor, visiting oppenheimerfunds.com, or calling 1.800.525.7040.
Read prospectuses and summary prospectuses
carefully before investing.